Iran's Non-Oil Foreign Trade Rises 4.3% to Top $30 Billion (March-June 2018)

EghtesadOnline: Iran’s non-oil foreign trade in the first four months of the current fiscal year (started March 21, 2018) stood at $30.62 billion, indicating a 4.34% rise compared with last year’s corresponding period.

News ID: ۷۴۵۷۴۵

30 July 2018

Exports hit 37.4 million tons valued at $15.45 billion, indicating a 14.69% increase year-on-year while imports stood at 11.55 million tons worth $15.17 billion, down 4.5% YOY, according to the latest report by the Islamic Republic of Iran Customs Administration.

IRICA categorizes non-oil exports into three groups of "petrochemicals", "gas condensates" and “others”.

A total of 8.7 million tons of petrochemicals worth $4.64 billion were exported during the period under review, registering a rise of less than 1% in value compared with the same period of last year, Financial Tribune reported.

Exports of gas condensates stood at 3.58 million tons worth $1.86 million, indicating a decline of more than 16% year-on-year.

Liquefied propane ($691 million), light oils excluding gasoline ($555 million), polyethylene ($411 million) and methanol ($407 million) were other main exported commodities.

Exporters of items categorized as “others” managed to sell 25.03 million tons of goods worth $8.94 billion. The figure shows a rise of nearly 35% compared with the similar period of last year.

China was the biggest customer of Iranian products, as Iran exported $3.46 billion worth of goods to this country, 8% more than last year’s similar period.

Other major export destinations included the UAE with $2.8 billion worth of imports from Iran, Iraq with $2.52 billion, Afghanistan with $1.1 billion and South Korea with $821 million.

Exports to the UAE, Iraq and Afghanistan show 32%, 23% and 31% YOY increase respectively, while South Korea bought 40% less from Iran.

The average price of each ton of exported commodities hovered around $413, up 16% compared to last year’s same period.

The imports mainly included auto parts ($726 million), field corn ($711 million), rice ($675 million), soybean ($492 million) and cell phones ($228 million).

Major exporters to Iran included China ($3.89 million), the UAE ($2.16 billion), South Korea ($987 million), India ($912 million) and Germany ($753 million).

Imports from the UAE, South Korea, India and Germany dropped by 27%, 8%, 2% and 13% while imports from China and India grew by 11% and 2% respectively YOY.

The average price of each ton of imported commodities hovered around $1,314, down more than 6% YOY.

Iran’s non-oil trade with other countries during the month ending July 22, which marks the end of the fourth Iranian month of Tir, stood at $7.75 billion, with exports standing at $3.83 billion and imports hitting $3.92 billion to register a trade deficit of $94 million.

Petrochemical exports in Tir stood at 2.28 billion tons worth $1.14 billion, gas condensates 588,000 tons worth $306 million and the export of items classified as “others” stuck around 6.64 million tons worth $2.38 billion.